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Over on CAPS, 92% of the 1,081 members who have rated Legg Mason believe the stock will outperform the S&P 500 going forward. These bulls include CAPS legend floridabuilder2, who is ranked in the top 0.2% of our community, and Northville.

Two weeks ago, floridabuilder2 singled out Legg Mason as a smart way to play the "transfer of wealth from banks and taxpayers to wealth fund managers/Private Equity."

In a pitch from late February, Northville suggests why the stock has been unfairly punished:

1. Bill Miller has taken it on the chin lately and hasn't helped his cause much by making some well publicized dumb comments.

Bill Miller may be the face of Legg Mason, but he actually controls a relatively small portion of the [assets under management], the company can do fine even if the [Legg Mason Value Fund] is terminated. The public doesn't realize this.

2. [Legg Mason] has had well publicized large losses from SIV exposure (that they acquired in the Citi transaction which somehow doesn't surprise me).

[Legg Mason] has taken steps to greatly reduce their exposure to these SIVs, while at the same time making sure that it has done the right thing by it's investors so as not to damage it's brand name.

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